Reprieve

The markets looked ready to break out to new daily highs around 2 p.m. when news hit Bloomberg terminals that New Century Financial (NEW:NYSE) was having problems meeting certain debt obligations and filed an 8K announcing recent financing it had received and future plans to acquire more...so shorts got some luck handed their way...if you look at the chart, would you want to have been short at the fourth attempt into resistance with market internals screaming bullish and the tick quite positive all day...I don't think so...should have just gone with the flow and bought in the low 1750's for the five point scalp today but I wanted a lower entry (1747) to define my risk and as you can see that was never offered...I hate chasing.

No real bias for tomorrow as the jobs number will probably throw a wrench into even the best laid plans...volume levels should normalize as well giving a clearer picture as to what the big boys are up to...jfg.